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Citigroup sees wealth management rebound in Asia

A top executive at Citigroup saw a boost in client activity in its wealth management business in Asia, as China and Hong Kong are opening up. Citi’s personal banking and wealth management CEO Anand Selvakesari said the bank’s wealth management business in Asia was hit harder by macroeconomic headwinds than other regions last year but the momentum is shifting. China reopened its borders in January and stripped down its strict zero-Covid policy restrictions following historic protests, brightening the outlook for businesses keen on leaving behind a period of major disruptions. Selvakesari said the bank will also continue to hire financial advisers for its wealth business. For Q4 2022, Citi’s personal banking and wealth management segment saw a 5% jump in revenue to USD6.1bn.


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